EUR/USD Fractal 1.2983 Key Level - For December 11, 2012 (Daily Strategy) Trend News

The EUR/USD exceeded its weekly pivot level, which increases the probability of an upward move for the next few days. This movement is due to an unexpected growth in Germany ZEW index, which marks the financial climate in the country. ZEW Economic Sentiment has given the euro a strong bullish momentum.

Currently it is trading above 1.2983, daily fractal. A close in 4 hours charts above this level could be key to an upward movement. On the other hand, below the 1.2983 level you can sell, with targets to 1.29, very strong support level.

Tomorrow the market will be very volatile it will last till weekend, so we recommend caution.

If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com

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Wednesday 12, the Fed's Monetary Policy - Fundamental Analysis For December 11, 2012 Trend News

An unexpected growth in Germany ZEW index, which marks the financial climate in the country, has given the euro a strong bullish momentum since the start of the European session.

Indeed, the rise of the single currency was primary seen in a session with little change in prices in the major pairs.

The pound is maintained uptrend in the short term, but it has to overcome 1.6105 to extend gains and not lose speed, a movement led by a trend-line that had been violated to the downside last week, and pivot on which the price is right now.

The confirmation that the Swiss National Bank will charge interest on money deposited in the local financial has impacted negatively on the franc. But now it is in line with the upward movement of the other European currencies, waiting for the macro data.

What is the data? In the U.S. trade gap in November amounted to 42 billion dollars. The same data will be released in Canada and could take off the lethargy of the local currency. The crossing with the dollar at 0.9910 left a gap that has not been covered since Monday.

FOMC interest rate announcement will take place on Wednesday is of great interest. In this regard, the agency is expected to increase its bond purchases, up to 85 billion dollars a month.

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Silver Short-term Resistance Seen At 33.65/70 Trend News

Technical Outlook and Chart Setups:

A 4H view has been presented here today. As depicted here, intermediary support remains at 32.50 level followed by 32.00 and 30.80 respectively; while resistance is at 35.00/10 levels. Please note that the larger trend remains bullish, but a retracement or further pullback still possible towards 31.50 levels. Key levels to watch in the near term are 32.50 and 32.00. Hence it is recommended to keep booking smaller profit cycles at the moment. Immediate resistance is seen around the 33.65/70 mark, which could be reached today or in the short term.

Trading Recommendations:

Exit long positions (taken last week) at 33.60/65 and stop is below 32.50.

Good Luck!

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Gold Short-term Resistance Seen Around 1,720-25 Region Trend News

Technical Outlook and Chart Setups:

A 4H chart view has been presented here. At the moment, the yellow metal seems to be struck between intermediary support and resistances places at 1,670/80 and 1,720/30 levels respectively. Therefore, it is recommended to keep booking short-term profits on long positions taken earlier. In the case if 1,672 support breaks, the yellow metal will see further correction towards 1,640/45 levels. On the other hand, a break above 1,730.00 level will again challenge 1,755.00 resistance. Buying intraday dips is still recommended but with a short-term profit perspective.

Trading Recommendations:

Exit long positions taken earlier at 1,722/25. Stop is at 1,680.00

Good Luck!

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EurJpy Short-term Rally Targeting 107.10/20 Levels Trend News

Technical Outlook and Chart Setups:

The single currency pair seems to be in a 3 wave correction from the fall that begun recently from 107.90 level. At the moment it is probably constructing the wave 2, which is towards 107.10/20 levels within 3 waves correction. The third wave is expected to end near 105.00 region, re-enforced by past support as well. In short, the trend is up and it is recommended to buy aggressively around the 105.00/50 mark. Current long positions should be closed around 107.00 level for short-term trading. Immediate resistance will be around the 107.10/20 levels, while support is around the 105.00 mark.

Trading Recommendations:

Exit the current long positions taken at 107.00.

Good Luck!

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